Travelers downgraded at TD Cowen heading into Q2 insurance group earnings

As previously reported, TD Cowen analyst Andrew Kligerman downgraded Travelers to Hold from Buy with a price target of $230, down from $252, citing uncertainty about whether modest adverse development for liability coverages in Q1 in recent accident years is a sign of more to come. Into Q2 earnings, catastrophe activity, which most impacts homeowners carriers and reinsurers, was sizable, and forecasts are elevated into Q3, notes the analyst, who also notes the growing preference for carriers that are more specialty- and E&S-oriented than Travelers.